Telematics Global Market- Overview
Technology advancement in every industry sector has transformed the functionalities of a machine to the next level. The driving factor of emerging digital technology has make communication with machines possible and is further boosting its growth in coming years. Artificial intelligence is one of the fastest growing technology in this area which is developing its roots in transportation, automation, construction and industrial applications. Artificial intelligence with support of machine learning is one of the major driving force behind emergence of self-driving and connected cars in the automotive segment. Image recognition, telematics, and GPS and GNSS are some of the features engrossed with self-driving cars. Many major companies such as Harman, Samsung, LG and AT&T are investing in developing innovative telematics solution for their customers.
The major growth driver of Telematics Market includes rising demand for high-Telematics, increasing adoption of renewable energy sources such as electric vehicles, and growing ICT and telecommunication sector among others. However, high initial cost and time consuming manufacturing process are the major factors which are hindering the growth of Telematics Market
Some of the major players in Global Telematics Market include Verizon Communication Inc.(U.S.), HARMAN International Industries Inc.(U.S.), Tom-Tom International BV (Netherland), AT&T (U.S.), Vodafone Group Plc. (U.K.), Ford Motor Company (U.S.), BMW Group (Germany), Telefonica SA (Spain), Mix Telematics (South Africa), and Trimble Navigation Ltd. (U.S.) among others.
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In January 2018, Samsung declared their intention to launch a 5G supported telematics system called telematics control unit (TCU) in collaboration with HARMAN. It will primarily work with 4G technology,but in the future, it will help 5G networks as well.
In December 2018, CCC Information Services Inc. and its affiliates (CCC) made it public that State Automobile Mutual Insurance Company (State Auto) is interested in the CCC X data exchange technology.This would initiate a varied range of telematics capabilities to back up the insurer’s vision to transform the policyholder experience through innovation.
The global telematics market can be segmented by technology, services, and application.
- Technology-wise, the telematics market can be segmented into embedded, portable and hybrid.
- Based on the services, the telematics market can be segmentedinto navigation, diagnostic, on-demand infotainment, and maintenance and security.
- On the basis of application, the telematics market comprises commercial, automotive, IT & Telecommunication, healthcare, and government.
As per the geographical analysis of the telematics market, regions that are making a significant contribution are North America, Europe, Asia Pacific (APAC) and Rest-of-the-World (RoW).
North America’s contribution to the growth of the global market is quite significant. The revenue it generates is better than the rest. This can be attributed to the robust infrastructure that the region has. At the same time, it has a well-formed industrial sector which is generating this demand to stay updated with the tracking of products. North America has almost 60% of all the market players. The U.S. has the maximum contribution as the region’s compelling commercial telematics is providing substantial thrust.
Europe is enjoying the bliss of having a premium setup for the automobile sector. Demand for luxury cars is on the rise where telematics integration is of utmost necessity. The developing sector is having a great run in Europe with support from government initiatives. The APAC region, on the other hand, can record the fastest growth rate during the forecast period. The rise in fleet culture and percolation of the e-commerce segment can boost the regional market growth.
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- Technology Investors
- Research/Consultancy Firms
- Original equipment manufacturers (OEMs)
- Technology Providers
- Government Bodies
- Automobile Companies
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